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The following are the M&A deals, rumors and chatter circulating on Wall Street for Monday October 19, 2015:
Microsemi Proposes to Acquire PMC-Sierra for $11.50/ShareThe Offer:
Microsemi Corporation
MSCC announced Monday, that it submitted an offer to acquire PMC-Sierra, Inc
PMCS for $11.50 per share in cash and stock. PMC shareholders will receive $8.75 in cash and 0.0736 of a share of Microsemi common stock for each share of PMC common stock held at the close of the transaction for an implied total transaction value is approximately $2.4 billion.
Microsemi believes its proposal constitutes a "Superior Proposal" to PMC's merger agreement with Skyworks
SWKS. Skyworks offered $10.50 per share in cash on October 6.
PMC-Sierra closed at $11.72 on Monday, a gain of 14.75%.
Time Inc Acquires HelloGiggles; Terms Not DisclosedThe Deal:
Time Inc.
TIME announced Monday, the acquisition of women's social media website HelloGiggles, co-founded by actress Zooey Deschanel. Terms were not disclosed, but
earlier had reported a sale price of $30 million.
Time closed at $18.69, down $0.18.
WEX to Acquire Electronic Funds Source for ~$1.1B In Cash, Plus 4M SharesThe DealLoading...
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WEX Inc.
WEX announced Monday, it has agreed to acquire Electronic Funds Source LLC for approximately $1.1 billion in cash, plus 4 million shares of common stock to be issued to investment funds affiliated with Warburg Pincus, EFS' current owner.
Wex closed at $96.12 Monday, up 4.35%.
Western Digital Said to be in Late Stage Talks to Acquire SanDiskThe Rumor:
SanDisk Corp.
SNDK is reportedly in advanced talks to sell itself to Western Digital Corp.
WDC, with deal being announced a soon as this week, according to sources as reported by
Bloomberg on Monday.
Last week,
Blolomberg reported that SanDisk had hired a bank to assist in a potential sale, following approaches from Micron Technology Inc.
MU and Western Digital.
SanDisk closed at $72.00 Monday, and traded as high as $81.64 after-hours.
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